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Managerial Accounting: Overview Chapter One. FINANCIAL MANAGERIAL Outside Inside Follow GAAP/IFRS Timely and Relevant Standard Report Format Reports unstructured. TRADITIONALLY. “Idleness Waste Money” or if manpower and machine are not running you are losing money.

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managerial accounting overview chapter one
Managerial Accounting: Overview Chapter One
  • FINANCIAL MANAGERIAL
  • Outside Inside
  • Follow GAAP/IFRS Timely and Relevant
  • Standard Report Format Reports unstructured
traditionally
TRADITIONALLY
  • “Idleness Waste Money” or
  • if manpower and machine are not running you are losing money
push through production old
Push through production---old
  • PUSH through Production –old way
  • Three inventories: Raw Materials (RM), Work in Process(WIP), Finished Goods (FG)
  • RM | WIP  FG
  • Company Queque Results in Large
  • Inventory waiting to be sold
lean production
Lean Production
  • Lean means Less Costs
  • Advantages:
    • Lower Inventory required
    • Fewer Defects
    • Less Wasted Effort
    • Quicker Customer Response
lean production con t
Lean production con’t
  • Summaries all theories into 1
    • Value Added
    • Flow Chart of Activities
    • Manufacturing Cell
    • Just in Time (JIT)
    • Theory of Constraints
value added
Value Added
  • Activities that add value per customer
  • Chip Box vs Dove Box
flow chart of activities
Flow Chart of Activities
  • Actions required to make product
  • Smores
  • Burn Place between Add SQUEEZE
  • MarshmellowGraham Cracker chocolate
add the 3 m s manpower machines materials
Add the 3 M’s (Manpower, Machines, Materials)
  • Smores
  • Burn Place between Add SQUEEZE
  • MarshmellowGraham Cracker chocolate
  • Cook CookCookCook
  • Burner/Fork Fork Clipper Press
  • Marshmellow 2 Graham Crk Choc Sq
traditional production
Traditional Production
  • Several large Machines with only one job each
  • Mixing Machine
  • Cutting Machine
  • Wrapping Machine
manufacturing work cell
Manufacturing Work Cell
  • One Machine performing several jobs
  • Several Multi-job Machines
  • Each Machine Mixes-Cuts-Wraps
just in time jit
Just In Time (JIT)
  • Pull Through Production--- Customer initiates
  • RM  WIP   FG (Customer order)
  • Shipped immediately to customer
  • No queing of inventory
theory of constraints
Theory of Constraints
  • Control of Bottlenecks
  • Increase capacity to remove bottleneck where process has smallest capacity
  • Freeway system --- Norwalk on Interstate 5
  • Throughput time--- Cycle time to manufacture a product
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